Cadillac will shift its headquarters to New York next year to bolster its competitive profile against luxury leaders BMW, Mercedes-Benz, Audi and Lexus.
The new office will have about 100 employees - including about 30 expected to move from metro Detroit - and will focus mostly on sales and marketing, GM spokesman Pat Morrissey said.
Cadillac product development, engineering and manufacturing will remain in Detroit.
The brand's new president, Johan de Nysschen, pushed for the change.
The company called the new office a 'multipurpose brand and event space in conjunction with modern loft offices located in the heart of a city renowned for establishing trends and setting standards for the global luxury market.' The office will be in the SoHo section of Manhattan. The move reflects de Nysschen's philosophy that a New York-based team is better suited to identify the needs of the luxury consumer than a Detroit-based team.
US, Europe stocks hit by soft data, Syria conflict
Stagnation in Europe and conflict in Syria unsettled global stock markets Tuesday afternoon, pushing European and U.S. indices lower.
France's benchmark index ended sharply lower and Standard & Poor's 500 headed for its third loss in a row.
The European economy is sputtering. The financial information firm Markit reported Tuesday that its purchasing managers' index for the 18 countries that use the euro currency fell in September to a nine-month low.
The eurozone economy flat-lined from April through June and is barely growing now, hobbled by the lingering effects of a debt crisis, uncertainty arising from the conflict over Ukraine and a lack of confidence by European consumers, businesses and banks.
Weighing on investors was news that the U.S. and five Arab nations attacked the Islamic State group's headquarters in eastern Syria in nighttime raids.
Health-care stocks were among the biggest decliners in the U.S. The fall came after the Treasury Department announced regulations that would discourage corporate 'inversions,' deals, where a company merges with an overseas competitor to legally move its headquarters to avoid paying U.S. corporate taxes. Health-care companies have been among the most active in striking such deals.
Philadelphia Fed president to retire
Charles I. Plosser, preisdent and chief executive officer of the Federal Reserve Bank of Philadelphia, announced Monday he will retire effective March 1, 2015,
Plosser, 66, has served as the 10th president for eight years.
James E, Nevels, chairman of the Bank's board of directors, will cochair the search for Plosser's replacement. Nevels, founder and chairman of The Swarthmore Group, will cochair the committee with Deputy Chairman Michael J. Angelakis, vice chairman and CFO of Comcast Corporation. An executive search firm will assist in identifying candidates.
The Federal Reserve Bank of Philadelphia, one of 12 in the nation, helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depisitory institutions and the federal goverment. The Philadelphia Fed serves eastern Pennsylvania, southern New Jersey and Delaware.
Pennsylvania slapped with another debt downgrade
New York-based Fitch Ratings is knocking down Pennsylvania's debt rating for the second time in 14 months, citing the state government's recurring budget deficits.
Tuesday's announcement by the credit ratings agency is the fourth time in two years that Pennsylvania's debt has been downgraded by a major agency. Fitch notes that the state's $29 billion budget relies on $2 billion in one-time items to balance.
The downgrade takes Pennsylvania from AA to AA minus and puts it in the bottom five of 42 states rated by Fitch. Pennsylvania was last at AA minus in 1997.
Coke, Pepsi to reduce calorie consumption
Coke, Pepsi and Dr Pepper say they'll work to reduce the calories Americans get from beverages by 20 percent over the next decade by more aggressively marketing smaller sizes, bottled water and diet drinks.
The announcement was made at the Clinton Global Initiative Tuesday and comes as the country's three biggest soda makers face public pressure over the role of sugary drinks in fueling obesity.
The commitment follows the way customers' tastes are already changing. People have been moving away from soda on their own for several years because of concerns about sugar. But the industry group says the new commitment will accelerate the calorie-cutting.
P&G sells rest of pet business to Spectrum
The Procter & Gamble Co. is selling its Iams and Eukanuba brands in Europe to Spectrum Brands, shedding the remaining parts of its pet care business.
Financial terms were not disclosed.
The transaction includes 42 markets in Europe. P&G said that exiting the pet care business will help it focus on its core businesses. Its brands include Tide detergent and Pampers diapers.
Spectrum Brands Holdings Inc. is a consumer products company whose pet group brands include Tetra, Furminator and Dingo.
In April, Cincinnati-based P&G said that it was selling 80 percent of its global pet care business - including North America and Latin America - to Mars Inc. Europe was not included in that transaction, except for Russia and Turkey. Mars later agreed to buy an additional 10 percent of P&G's pet care business in additional markets such as Japan, Australia and South Africa.
The portion of the pet care business that Spectrum is buying has about $200 million in annual sales. The acquisition will give its United Pet Group unit access to the growing European dog and cat food market. Its board has approved the transaction.
Spectrum Brands, based in Middleton, Wisconsin, also has brands including Rayovac, Black & Decker and Farberware.
Retailers suffer as school buying slumps
Retailers are suffering through the slowest back-to-school shopping season since the recession ended in 2009, raising concern that the year-end holidays will bring more of the same.
Spending in the period, which continues through the end of September, has risen 3.1 percent, missing a forecast for a 3.2 percent gain, according to research firm Customer Growth Partners. That's the smallest increase in more than five years. Another ominous sign: Store traffic declined 4.2 percent in July and slipped an additional 4.7 percent in August, according to ShopperTrak, a Chicago-based research firm.
The back-to-school shopping rush is second only to the holiday season in its importance to retailers, and some analysts view it as a harbinger for the rest of the year. Chains have cut prices and stepped up sales promotions to entice customers, without much success, and e-commerce competition is growing.
Gap, the biggest clothing-focused retailer in the United States, and Urban Outfitters, long seen as a teen mecca, both reported a sales decline in August from a year earlier.
Shoppers are hunting for the best deals online, making it difficult for retail chains to lure consumers without discounts.
Shoppers were expected to spend about $26.5 billion in the back-to-school period, a drop of 0.7 percent from 2013, according to the National Retail Federation, which hasn't updated its figures since giving that forecast in July. The predicted decline stemmed in part from there being fewer school- age kids in U.S. households, a trend that could affect holiday spending as well.
Sluggish wage growth also may be keeping shoppers from spending more, even as the employment picture is starting to brighten.
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